Wednesday, October 5, 2022

FLOW Blockchain

Introduction to FLOW Blockchain

In recent years, there has been an increase in the demand for blockchains that are designed with the express purpose of easing the use of non-fungible tokens (NFT).

Flow_blockchain
Flow_blockchain

Since then, this process has gotten underway with the introduction of NFTs into the blockchain environment. In this article, we will show you all you need to know about the function of the Flow blockchain within the context of the overall picture.

What is Flow Blockchain?

It is a decentralized, fast, and developer-focused blockchain designed to encourage the creation of a wide range of new applications, games, and digital assets.

For developers aiming to build successful crypto and crypto-based businesses, the Flow blockchain is an excellent resource due to its unique, multi-role architecture. 

History of Flow Blockchain

Dapper Labs, a startup based in Vancouver, came up with the idea. 

The company, in a bid to introduce NFT and decentralized gaming solutions, created the Flow blockchain. The project was more pronounced when they created the CryptoKitties, which sparked a revolution in the NFT market. Due to the popularity of this video game, the Ethereum network became overburdened, resulting in higher transaction costs.

This prompted Dapper Labs to further construct a custom blockchain tailored to their needs in order to alleviate congestion. 

How does the flow blockchain work?

According to the technical capacity of Flow, the functioning of blockchain works with different nodes without using the ‘sharding technique’. In traditional blockchains, every node will take charge of the entire state and perform all the work associated with every transaction in the chain.

Unlike those blockchains, Flow separates the jobs between validators into 4 different roles: Collection, Consensus, Execution, and Verification.

  • Consensus nodes: They are present to decide the existence and organize the transaction blocks on the platform. An extremely potent proof of stake algorithm ‘HotStuff’ is used by the consensus nodes to make the decisions. Consensus Nodes ensure decentralization.
  • Verification nodes: They ensure that the Execution Nodes are working properly. Alongside the consensus node, they ensure that other nodes are incentivized and held accountable for any nefarious conduct they may engage in.
  • Execution nodes: In a set length of time, these nodes carry out specific tasks per time. It completes all computational work associated with the transactions on the platform while ensuring scalability and rapidity.
  • Collection nodes: This node boosts network connectivity and overall productivity while ensuring that all dApps can benefit greatly from it. It is also responsible for improving  throughput and responsiveness of each transaction.

Features of the Flow Blockchain

Flow offers a lot of great features that make it appealing for crypto games and NFTs. Here are some of the primary characteristics of the Flow Blockchain.

  • Per Second Transactions: Flow Blockchain has maintained a transaction pace of roughly 100 per second, despite the fact that not all blockchain transactions are the same. This is opposed to Bitcoin‘s average transaction rate at 7 per second and Ethereum’s average transaction rate at 15 per second. With Flow’s smart scalability capabilities, they are aimed at significantly increasing that number.
  • Fees: Before deciding which blockchain to use, users must take into account the numerous transaction fees that are linked with various platforms. Flow Blockchain fees are split into two categories. The first one is the cost of registering an account, which starts at 0.001 FLOW, which is around $0.008. The other is the transaction fee of 0.00001 FLOW, which is charged when a transaction is completed. It’s hard to believe that these prices are so low when compared to the Ethereum network, where the gas transaction charge for each transaction may run as high as $20. This has also been an easy entry for the FLOW blockchain to attract new players to crypto games. This is because a large number of transactions are needed, and low transaction costs are very essential.
  • Multi-Node Architecture: The Ethereum blockchain, which uses sharding, has a disadvantage compared to the Flow Blockchain, which has a multi-node architecture.
  • Flow’s Programming Language: Cadence is Dapper’s in-house programming language, and it was developed specifically for the purpose of writing smart contracts on the Flow blockchain. It is a resource-oriented programming language that was developed specifically for the purpose of managing ownership of digital assets on the Flow blockchain. These digital assets include collectibles, works of art, and cryptocurrencies. In addition, Cadence is more easily learnable and auditable, making it an excellent choice for novice programmers. The ability for developers to distribute DApps in beta while simultaneously upgrading the code is also one of the most notable features of the Cadence programming language.

Why the Flow blockchain stands out amongst others 

  • Developer’s First Choice: Cadence is becoming the developer’s first choice to innovate new platforms as it is very comfortable with strong ergonomics. It is easy to read for the users, and also minimizes the runtime errors through its strong static systems.
  • Flexible Smart Contract upgrades: It can be more difficult for the developers to make changes or upgrades to a smart contract once it has been implemented. Because of the numerous obstacles they must overcome, they have a tough time resolving any problems that may develop. Therefore, Flow blockchain provides a method through which developers can move or even upgrade their existing smart contracts that they have built on one platform to another.
  • Easy to use: Consumers look out for programs that are easy to use, and FLOW has found this out. It makes user-friendly modifications  which provide high throughput and low complexity to the end-users.

What is FLOW coin?

The native token of the Flow blockchain is called FLOW, and its primary functions are as a medium of exchange and as a long-term reserve asset for the Flow network economy. The Flow token provides a means for developers, validators, and regular users to earn incentives for their efforts. 

At the time of writing, the live Flow price is $1.69 USD, and the 24-hour trading volume is $36,429,988 USD. Flow has seen a 6.38 percent increase during the past twenty-four hours. With a current market cap of $1,751,037,722 USD, the coin currently has a rating of #34 on CoinMarketCap.

It has a total supply of 1,036,200,000 FLOW coins in circulation at the moment. At the moment for trading in Flow stock, Binance, OKX, Bybit, MEXC, and FTX are the leading cryptocurrency exchanges to purchase Flow

Flow’s functionality includes:

  • Through validators, the network gives its holders the opportunity to collect incentives via staking FLOW as a security deposit 
  • Millions of people may utilize Flow, an open-source Blockchain with smart contracts, to power their applications.
  • Flow can be staked by validators to protect the network, used to pay for transactions, and voted on to determine the network’s future.
  • It can also be used as collateral. 
  • Participation in the decision-making process of the community.

The Future of FLOW blockchain

The Flow network has witnessed a significant increase in the number of users and developers alike. Currently, it is in the process of constructing the infrastructure for a collecting platform in the hopes that it would once again be successful as it has been in the past. 

However, Flow has only recently launched its dollar-backed stable coin in conjunction with the financial company Prime Trust, the network is now working on the development of its very own metaverse. Despite the fact that numerous other projects are already offering enormous potential benefits in the metaverse. On the other hand, the Flow network has already surpassed them with the flowverse (the metaverse of the flow network).

No one should be surprised that the flow network has big intentions to provide gaming experiences beyond NFTs, with these plans in place.

Your thoughts on the FLOW blockchain would be greatly appreciated. Do you believe it has the potential to become a major player in the future? 

Let us know what you think in the comments section below! 

Follow CryptomarketBeats on Twitter and LinkedIn to get more articles like this. Remember to spread the word!✨

 

Ayo Alabi
Ayo Alabi is an experienced writer and Fintech enthusiast, passionate about educating people and helping businesses that want to see their Google search rankings surge. Her articles have appeared in a number of e-zine sites, with focus on balancing informative with SEO needs–but never at the expense of providing an entertaining read.

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